India's IDBI Bank gains on report of divestment process advancing

IDBI Bank

16/01/2025 08:31

** IDBI Bank  IDBI.NS  rises 7.7% to 79.4 rupees
    ** Divestment process at IDBI progressed to next stage, with
consultancy firm KPMG conducting closing due diligence,
Moneycontrol reports
    ** Financial bids will be invited once diligence is
finalised, which as per the report, may happen by March-end
    ** Post completion, Department Of Investment and Public
Assets Management (DIPAM) will ask interested investors to
furnish bids to acquire stake in the lender, being sold by the
Indian government
    ** IDBI did not immediately respond to Reuters' request for
comment
    ** More than 41.5 mln shares traded, 6.3x the 30-day avg
    ** Stock rose ~14% in 2024

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))